PARIS, March 12 Reuters France is at risk of missing its deficit reduction target this year due to overly optimistic tax expectations and more budget cuts may be necessary, the public audit office said on Tuesday.

The government aims to reduce the public sector budget deficit to 4.4 of economic output this year and last month announced an extra 10 billion euros in cuts to reach the target due to weaker than expected growth.

The independent Cour des Comptes audit office said in an annual report that the new cuts might still not be enough, urging the government to detail another round of savings.

The 2024 deficit forecast is optimistic, and even difficult to reach given the still too favourable forecasts for revenue growth, the report said.

Finance Minister Bruno Le Maire said last week that when the 2023 accounts are finalised, last year39;s budget deficit would be significantly above the government39;s target of 4.9 of GDP due to weaker than expected tax revenue.

The audit office said that the government should revise down its tax revenue expectations, especially given the 2024 economic growth estimate was cut last month to 1 from 1.4 previously.

Although the government has already come up with the 10 billion euros in cuts barely two months into its fiscal year, their impact on the budget has been dulled by measures to help protesting farmers and extra support for Ukraine.

Le Maire has said that new legislation might be needed midyear to update the 2024 budget,…